NEW WHITE PAPER FROM CSCU.
A COMPREHENSIVE LOOK AT P2P
PAYMENTS.

TAMPA, Fla. (May 4, 2017)-CSCU, one of the
country’s leading CUSOs, recently published a new thought leadership brief
titled “A Comprehensive Look at Person-To-Person (P2P) Payments”. In the brief,
CSCU’s Director of Payments Strategy, Lou Grilli posits that “There is a
growing demand to eliminate the need to make a trip to the ATM and then carry
and hand over sometimes large sums of cash. This void has been filled by many vendors
who now offer solutions to family and friends who must share the cost of rent, utilities,
food bills, gift purchases and vacation costs,” he added.

Grilli explains that P2P solutions come in two different
types: bank-centric, that is, provided by a credit union or bank, or more
specifically by a vendor to the financial institution, and non-bank centric, where
the P2P solution is not affiliated in any way with financial institutions. He
then goes further to discuss other solutions, how payments are funded and how
payment transfers are accomplished.

The brief provides credit unions with an in-depth
look at available digital wallet solutions, the vendors who provide them, and
how their solutions facilitate P2P payments. It also looks at the non-bank
centric options - PayPal, Venmo and Dwolla; the bank centric ones – Zelle and
Popmoney; and the social media options - Snapcash, Facebook Messenger, Google
Wallet and Square Cash.

“Only time will tell which of the options will
dominate P2P payments, and more importantly, replace cash and personal checks
with a seamless, intuitive and secure method of payments,” Grilli says. Until
then, the new brief provides clues based on who’s ahead in the market using
information on four categories - mobile app, recognition, sharing/social and
fees.

CSCU knows
about cards and payments. As a leading provider of processing services to
credit unions, CSCU delivers solutions to help simplify the increasingly
complex world of payments. Through one-on-one portfolio consulting, industry
insights, marketing and thought leadership resources, their goal is to help
credit unions not just survive, but thrive.